“Life isn’t fair.”
The older I get, the more I understand this phrase.
During November’s Virtual Lunch Webinar, AllianceBernstein Strategist Walt Czaicki and Regional Director Michael Cheskis shared how the stock market reacts to presidential elections. While the overall impact on the stock market after an election is minimal, there has been one massive shift over the past 40 years--income inequality.
From 1946 to 1980, income growth for the bottom 50% grew 102%. As corporate profits rose, so did the amount of their employee’s paychecks. Over the following 34 years, income growth for the bottom 50% came to a screeching halt, creating a massive income inequality gap.
From 1980 to 2014, income for the bottom 50% grew 1% despite expanding corporate profits. The top 10% of earners did not see a decline in growth. Their income grew by over 120%.
The gap is widening and comes with a long list of problems for most Americans, including uneven access to healthcare and education, which threatens our institutions and democracy.
So, how do we close this gap?
Your Standard of Giving
We all have tools and resources that can help others. These resources include time, treasure (money), and talent.
As I’ve shared, I invest my resources in areas that directly contribute to making our community great, including stable employment, education, exposure to the arts, and access to quality healthcare. I truly believe the more I give, and the more you give, the better our communities become, meaning our personal standard of giving impacts the standard of living.
During a speech, Chris Downing, Associate VP of Development and Community Engagement at Heartland Community College, told scholarship recipients to “remember this” after asking who among the donors in attendance had also received a scholarship.
As a donor and previous scholarship recipient, I stood proudly. Not a day goes by in which I don’t feel immense gratitude for what I have. I’ve been fortunate and feel called to pay this fortune forward.
While closing the growing income inequality gap won’t happen overnight, I believe that by raising our individual standard of giving, we can all make a more meaningful difference for the less fortunate.
Disclaimer: Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.